Top Food Manufacturing Companies in Indonesia

The food manufacturing industry is an important component of Indonesia's economy, contributing significantly to the country's GDP and employment figures. In this article, we will take a closer look at the food manufacturing industry in Indonesia, examining key statistics from 2022, factors contributing to its growth and success, industry trends, challenges, and future outlook.

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LESAFFRE3,754 +65 6849 9200

Acteur majeur mondial de la fermentation depuis plus d’un siècle, Lesaffre, 2 milliards d’euros de chiffre d’affaires, implanté sur tous les continents, compte 10 700 collaborateurs et plus de 85 nationalités. Fort de cette expérience et de cette diversité, nous collaborons avec clients, partenaires et chercheurs, pour trouver des réponses toujours plus pertinentes aux besoins de nutrition, de santé, de naturalité et de respect de notre environnement. Ainsi, chaque jour, nous explorons et révélons le potentiel infini de la levure et des micro-organismes. Nourrir sainement 9 milliards d’habitants en 2050 en utilisant au plus juste les ressources de la planète, est un enjeu majeur et inédit. Nous croyons que la fermentation est l’une des réponses les plus prometteuses à ce défi.

COFCO INTERNATIONAL6,107 +65 6805 8600

COFCO International is a global agri-business with a clear vision, strong values and a positive culture, focused on being a leader in the global grains, oilseeds and sugar supply chains. We provide the food the world needs in a responsible way. Headquartered in Geneva, Switzerland, we are ambitious, with the right structures and culture to meet the world’s increasing and changing needs. With 11,000+ people in 35 countries, our global portfolio includes assets across the Americas, Europe, Africa, Middle East, and Asia-Pacific. We trade with over 50 nations, while providing farmers unique direct access to the growing Chinese market.

DANONE67,302 +65 6213 9000

Danone is a leading multi-local food and beverage company building on health-focused and fast-growing categories in 3 businesses: Essential Dairy & Plant-Based products, Waters and Specialized Nutrition. With its ‘One Planet. One Health’ frame of action, which considers the health of people and the planet as intimately interconnected, Danone aims to inspire healthier and more sustainable eating and drinking practices. To accelerate this food revolution and create superior, sustainable, profitable value for all its stakeholders, Danone has defined nine 2030 Goals, and paved the way as the first listed company to adopt the “Entreprise à Mission” status in France. With a purpose to bring health through food to as many people as possible, and corresponding social, societal and environmental objectives set out in its articles of association, Danone commits to operating in an efficient, responsible and inclusive manner, in line with the Sustainable Development Goals (SDGs) of the United Nations. By 2025, Danone aims to become one of the first multinational companies to obtain B CorpTM certification. With more than 100,000 employees, and products sold in over 120 markets, Danone generated €25.3 billion in sales in 2019. Danone’s portfolio includes leading international brands (Actimel, Activia, Alpro, Aptamil, Danette, Danio, Danonino, evian, Nutricia, Nutrilon, Volvic, among others) as well as strong local and regional brands (including AQUA, Blédina, Bonafont, Cow & Gate, Horizon Organic, Mizone, Oikos, Prostokvashino, Silk, Vega). Listed on Euronext Paris and present on the OTCQX market via an ADR (American Depositary Receipt) program, Danone is a component stock of leading sustainability indexes including the ones managed by Vigeo Eiris and Sustainalytics, as well as the Ethibel Sustainability Index, the MSCI ESG Indexes, the FTSE4Good Index Series, Bloomberg Gender Equality Index, and the Access to Nutrition Index.

IFFCO GROUP6,687 +65 6932 6900

Established in 1975, IFFCO is a multinational group headquartered in the United Arab Emirates with leading FMCG brands and a portfolio of industry solutions and services enriching the lives of millions of consumers and customers globally.Having developed global leading FMCG brands such as London Dairy, Tiffany, Noor, Rahma, Al Baker, Hayat and Savannah, supported by 95 operations in 49 countries with 80 brands available over 100 markets, IFFCO Group continues to offer unmatched consumer value throughout the Middle East, Africa, Europe, Asia, and the Americas. We believe that real growth lies in diversity. With a portfolio catering to multiple consumer mind-sets, our business is broadly segmented as: ◆ Impulse Foods ◆Culinary ◆Oils ◆Beauty ◆Agri Business ◆Packaging ◆Sales and DistributionIFFCO Vision“The Preferred Provider of Sustainable Value-Added Products and Services For Everyone, Everywhere & Every Day.”

AAK2,761 +65 6916 0320

Everything we do is about Making Better Happen™.AAK specializes in plant-based oils that are the value-adding ingredients in many of the products people love to consume. We make these products better tasting, healthier, and more sustainable. We enhance their sensory experience – by giving the silkier mouthfeel in premium chocolate, the juicier texture in a plant-based burger, and the puffier appearance in a lower-fat pastry. We can also optimize their production by substituting existing ingredients with plant-based equivalents that give better efficiency. AAK’s value-adding solutions enable our customers to be successful in a better way.At the heart of AAK’s offer is Customer Co-Development, combining our desire to understand what better means for each customer, with the unique flexibility of our production assets, and a deep knowledge of many products and industries, including Chocolate & Confectionery, Bakery, Dairy, Plant-based Foods, Special Nutrition, Foodservice and Personal Care. Our 4,000 employees support our close collaboration with customers through 25 regional sales offices, 16 dedicated Customer Innovation Centers, and with the support of more than 20 production facilities.Listed on Nasdaq Stockholm and with our headquarters in Malmö, Sweden, AAK has been Making Better Happen™ for more than 150 years.

EW NUTRITION314 +65 6735 2395

EW Nutrition is an animal nutrition company that offers integrators, feed producers, and self-mixing farmers comprehensive animal nutrition solutions for gut health management, feed quality, young animal nutrition, and more.Our mission is to mitigate the impact of antimicrobial resistance by providing comprehensive animal nutrition solutions. To turn our commitment into reality, each of our programs delivers a key dimension of our mission. By pursuing our objectives in animal nutrition, our work contributes to increasing the efficacy of human healthcare.In close cooperation with each customer, we develop tailor-made solutions to improve performance parameters and animal welfare. These solutions typically include services, products and consultancy.Customers are served directly by our own personnel in 50 countries. Our tagline, “Functional Innovations backed by Science”, is operationalized through technical support at local, regional, and global level.EW Nutrition researches, develops, manufactures, markets, and services its products and programs. Headquartered in Germany, EW Nutrition operates manufacturing facilities on 4 continents. Innovation is driven by our own research labs in Germany, with development centers in the 5 most important animal nutrition markets. New biotechnology-based solutions are upscaled at EW Nutrition’s subsidiary EW Biotech.Our actions are based on our core values: always putting the customer first, continuously seeking excellence, being curious, understanding the needs of our customers, and using this knowledge as a basis for innovation, program development, and tailor-made solutions.ew-nutrition.com

KEMIN INDUSTRIES1,790 +65 6755 1633

Kemin Industries is a global ingredient manufacturer that strives to sustainably transform the quality of life every day for 80 percent of the world with its products and services. The company supplies over 500 specialty ingredients for human health, food safety and protection of the global food supply chain. Kemin ingredients offer solutions across various industries including animal health, nutraceuticals, pet food, food technologies, crop technologies, textiles, aquaculture and animal vaccines. Serving customers in more than 120 countries, Kemin works each day to provide ingredients that feed a growing population and is committed to the quality, safety and efficacy of food, feed and health-related products.Established in 1961, Kemin is a privately held, family-owned-and-operated company with more than 3,000 global employees and operations in 90 countries, including manufacturing facilities in Belgium, Brazil, China, India, Italy, Russia, San Marino, Singapore, South Africa and the United States.

LOUIS DREYFUS COMPANY10,248 +65 6735 9700

Louis Dreyfus Company is a leading merchant and processor of agricultural goods. We leverage our global reach and extensive asset network to serve our customers and consumers around the world, delivering the right products to the right location, at the right time – safely, responsibly and reliably. Our activities span the entire value chain from farm to fork, across a broad range of business lines (platforms). Since 1851 our portfolio has grown to include Grains & Oilseeds, Carbon Solutions, Food & Feed Solutions, Coffee, Cotton, Juice, Rice, Sugar, Freight and Global Markets. We help feed and clothe some 500 million people every year by originating, processing and transporting approximately 80 million tons of products. Structured as a matrix organization of six geographical regions and eight platforms, Louis Dreyfus Company is active in over 100 countries and employs approximately 17,000 people globally. For more information, visit www.ldc.com.

INDOFOOD SUKSES MAKMUR TBK, DIVISION BOGASARI FLOUR MILLS1,505 +62 807 1 800 888

Mission:Indofood’s Corporate Social Responsibility (CSR) programs are a mainstay of its commitment to assist members of the wider community and to make an optimal contribution to society.During 2007 Indofood as a whole developed and implemented programs based on the five basic pillars of our long-term CSR philosophy: * Building Human Capital * Maintaining Social Cohesion * Strenghtening Economic Value * Encouraging Good Governance * Protecting The Environment

FRIESLANDCAMPINA16,157 +65 6580 8100

Royal FrieslandCampina N.V. is fully owned by Zuivelcoöperatie FrieslandCampina U.A., with 15,703 dairy farmers in the Netherlands, Belgium and Germany as members. Through the cooperative, these member dairy farmers own the company. Together with member dairy farmers, FrieslandCampina manages the entire production chain: from grass to glass. FrieslandCampina provides consumers with dairy products, such as milk, yoghurt, condensed milk, dairy-based beverages, cheese, butter, quark and cream. The dairy company supplies specific nutrition geared to meet the needs of specific consumer groups, such as children, the elderly and sportspeople. Professional customers, such as bakers, pastry chefs, chocolate confectioners, chefs and caterers can also rely on our broad product range, including creams, butter, desserts and fillings. In addition, the company supplies high-quality ingredients to international foodproducers and pharmaceutical companies. In 2021, 10,564 member dairy farms in the Netherlands, Germany and Belgium supplied almost 10 billion kilos of milk for processing into dairy products and ingredients. FrieslandCampina has branches in 32 countries and exports to more than 100 countries worldwide. In 2021, FrieslandCampina employed an average of 22,961 employees (FTEs).Our company has an inclusive culture that reflects our heritage. That means people here are open, friendly, straight-forward and pragmatic. Our team players are always seeking collaborations built on trust and respect, and that spirit fuels the power of ‘We’. Our culture is about embracing the power of differences in order to grow together. It is the diversity of our people, their individual enthusiasm and collective commitment to shaping the future of dairy that makes FrieslandCampina such a special place to work. We believe that when you stay true to your nature, you will get the most out of your natural potential. If that is in your nature too. Bring your spark. Join us. Grow with us.

HELLERS NZ'S BUTCHER169 +64 800 803 909

The Heller family tradition of butcheries began when Gorg Heller emigrated from Germany to New Zealand during the gold rush of the 1880’s and started supplying the gold miners with smallgoods from a small shop in Arrowtown.Todd Heller continued the long line of butchers by opening his first butchery in New Brighton, Christchurch, in 1985. Todd began offering greater variety and new flavours – very little of which were available at the time. His customers responded well. Todd Heller Meats started supplying supermarkets and moved to a new plant at Kaiapoi and began supplying throughout the South Island.The company continued to flourish and after merging with Tasty Bacon became Heller Tasty Limited. The purchase of Vienna Sensational Foods gave the company national distribution and in 2002, Heller’s Sensational London Pride sausage was judged New Zealand’s best.In 2008, Hellers won the Supreme Sausage award with Hellers Cheese Kransky and the 100% NZ Bacon of the year award with Hellers Middle Eye bacon. In May 2011 Hellers launched its Free Farmed Bacon and in the 100% NZ bacon awards of the same year won gold with its Middle Eye and silver with Middle and Ribeye Bacon.Today over 400 staff can produce up to 350 tonnes of sausages in 80 different varieties a week along with bacon, ham and other service deli smallgoods.Manufacturing and technical excellenceOur modern plants have kept pace with technology without compromising the traditional values and standards of quality upon which our reputation has been founded. The strictest health and quality guidelines are applied to all our processes and only the very best ingredients are acceptable.Hellers is always ready to embrace new technology in order to keep ahead with product innovation and consumer appeal. Our research and development programmes continue to meet and exceed the requirements of our customers in supermarket and food service markets.

BARRY CALLEBAUT GROUP8,111 +65 6486 7118

The Zurich based Barry Callebaut Group is the world’s leading manufacturer of high-quality chocolate and cocoa products – from sourcing and processing cocoa beans to producing the finest chocolates, including chocolate fillings, decorations and compounds. The Group runs more than 60 production facilities worldwide and employs a diverse and dedicated global workforce of more than 13,000 people. The Barry Callebaut Group serves the entire food industry, from industrial food manufacturers to artisanal and professional users of chocolate, such as chocolatiers, pastry chefs, bakers, hotels, restaurants or caterers. The global brands catering to the specific needs of these Gourmet customers are Callebaut® and Cacao Barry®, Carma® and the decorations specialist Mona Lisa®.The Barry Callebaut Group is committed to making sustainable chocolate the norm to help ensure future supplies of cocoa and improve farmer livelihoods.

SYMRISE AG5,901 +65 6779 4551

Symrise develops, produces and sells fragrance, flavoring and food ingredients, cosmetic active ingredients and raw materials as well as functional ingredients and solutions that enhance the sensory properties and nutrition of various products. With a market share of 10 % (2021), Symrise is one of the worlds top suppliers in the F&F market.The company’s approximately 34,000 products are mainly produced on the basis of natural raw materials like vanilla, citrus fruits, onions, fish, meat, blossoms and plant materials. Its flavors, substances, perfume oils and sensory solutions are often central functional components for its customers’ end products. These customers include manufacturers of perfumes, cosmetics and foods, the pharmaceutical industry and producers of nutritional supplements, pet food and baby food.The company has two segments: Taste, Nutrition & Health and Scent & Care.The Taste, Nutrition & Health segment is built around Food & Beverage, Pet Food and Aqua Feed. The Taste, Nutrition & Health segment uses its combined expertise as well as scientific research to offer customers and partners unique, natural ingredient-based and sustainable solutions in the areas of taste, nutrition and health.The Scent & Care segment breaks down into the Fragrance, Cosmetic Ingredients and Aroma Molecules divisions. They produce and sell fragrances, cosmetic ingredients, aroma molecules and mint aromas. The segment has sites in more than 30 countries and markets over 16,000 products in 135 countries. The combination of the segments Taste, Nutrition & Health and Scent & Care sets us apart from the competition. Through it, we offer our customers a unique portfolio, work in innovative segments and tap new markets.

TATE & LYLE3,321 +65 6335 7700

Tate & Lyles purpose, Transforming Lives Through the Science of Food, inspires everything we do. Whether it’s by making food and drink healthier and tastier; continuously improving how we work; promoting a safe working environment; or making a difference to our local communities, we believe we can successfully grow our business and have a positive impact on society. What is it we do? Simply put, we make healthy food tastier and tasty food healthier. Our work is driven by consumer health needs and trends, governments desire to build and support healthy communities, and the need for affordable food and nutrition in many parts of the world. We deliver ingredients and solutions to meet all these needs. Our speciality sweeteners and fibres help reduce sugar and calories. Our fibres fortify food and improve digestive health. Our texturants and stabilising systems help extend shelf-life and make food manufacturing easier. Across the globe, we are transforming lives through the science of food. And we need talented and skilled people to help us on this journey.

FONTERRA12,676 +65 6800 8888

Fonterra Cooperative Group is the worlds largest exporter of dairy products, a leader in dairy science and innovation, owner of a significant portfolio of brands in Asia Pacific, and a partner to many of the worlds leading food companies. Fonterra is headquartered in New Zealand, with offices in more than 40 countries around the world.

PT FREYABADI INDOTAMA157 +62 21 89109137

PT Freyabadi Indotama is a trusted supplier of chocolate in the Asia-Pacific, Middle East and African regions, as well as the largest chocolate manufacturer in Indonesia. Founded in 1995 via a joint venture between Fuji Oil Holdings Japan, and McKeeson Investments from Singapore, Freyabadi Indotama manufactures chocolate as a food ingredient sourcing the cocoa raw materials from reputable producers in Africa, Asia and South America, to create the flavor profile desired by our local consumers. Freyabadi Indotamas large production capability and flexibility enables us to meet the demand of chocolate at various scales, ranging from micro, small, medium (MSMEs) to industrial, both local and international in over 20 countries across Asia-Pacific, the Middle East and Africa.Follow us on social mediaTulip:facebook.com/tulipchocolateinstagram.com/tulipchocolateEmbassy:facebook.com/embassychocolateinstagram.com/embassychocolate

INTERFLOUR GROUP PTE LTD118 +65 6250 8626

Interflour Group brings together some of the finest flour mills in Southeast Asia with 10 mills operating in Indonesia, Malaysia, Vietnam, the Philippines and Turkey. Interflours modern mills have a total milling capacity of more than 2 million tons per year making it one of the largest flour millers in the region.Interflour is a joint venture between Indonesia’s Salim Group and Western Australian grain grower co-operative CBH Group. Bringing the expertise of these organisations together is what makes us unique, having insight from the paddock to the end user.Subsidiaries:Flour Businesses:PT Eastern Pearl Flour Mills - IndonesiaPT Golden Grand Mills - Indonesia Prestasi Flour Mill - MalaysiaSarawak Flour Mill - MalaysiaSabah Flour & Feed Mills - MalaysiaLahad Datu Flour Mill - MalaysiaInterflour VietnamInterflour Da Nang - VietnamMabuhay Interflour - PhilippinesIntermil Un - TurkeyMalt Business:Intermalt - VietnamPort Business:Interflour Cai Mep Port - Vietnam

INTERFOOD GROUP378 +65 6671 9280

At Interfood Group, were passionate about providing the world with high-quality dairy products that you can trust. As a privately-owned company, weve spent over 50 years perfecting our craft and are proud to be one of the leading global dairy suppliers, distributing over 1,000,000 MT of dairy products per annum.Our diverse product range consists of products such as full cream milk powder, skimmed milk powder, buttermilk powder, whey powder, butter, butter oil / AMF, cheddar, Gouda, Edam, Emmental, mozzarella, casein, caseinates, MPC, WPC, infant milk powders, liquid milk products and concentrates. Our accounts are multinationals in the food industry, dairy producers and processors, government institutions, and importers/distributors all over the globe, and were committed to delivering exceptional service to each and every one.We believe that our success stems from our pro-active and service-oriented market approach, our drive for excellence, our global presence, and our extensive market and product knowledge. We enjoy an exclusive vantage point, positioned between dairy customers and suppliers, generating unique perspectives that inspire us to see the extraordinary.Were a team of over 360 employees spread across 14 offices worldwide, and we believe that our culture of teamwork, passion, and dedication has been instrumental in our growth. We thrive on close collaboration and long-term relationships with our partners, honing our skills and focusing on strategic alignment. We strive for better every single day, and were committed to delivering better products, better services, and informed insights about the industry to our customers and suppliers alike: Together for Better.At Interfood Group, were not just focused on business success – were committed to contributing to a sustainable planet. We believe that everyone should be able to enjoy food responsibly, both now and in the future, and were proud to be doing our part to make that a reality.

MONDELĒZ INTERNATIONAL38,668 +65 6303 6900

Mondelēz International, Inc. (NASDAQ: MDLZ) is an American multinational confectionery, food, and beverage company based in Illinois which employs approximately 80,000 individuals around the world.Our PurposeOur purpose is to empower people to snack right. We will lead the future of snacking around the world by offering the right snack, for the right moment, made the right way.Our BrandsWe’re leading the future of snacking with iconic brands such as Oreo, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum.Our People Our 80,000+ colleagues around the world are key to the success of our business. Our Values and Leadership Commitments of Love our Consumers and Brands, Grow Every Day, and Do Whats Right shapes our culture – what we believe in, stand for, and what guides our actions and decisions. Great people and great brands. That’s who we are.Our StrategiesWe are uniquely positioned to lead the future of snacking with strong leadership in our categories, an unparalleled portfolio of global and local brands and a solid footprint in fast-growing markets. Aimed at delivering sustainable growth, our strategic plan is centered around three strategic priorities:• Growth: accelerate consumer-centric growth• Execution: drive operational excellence• Culture: build a winning growth culture

JAPFA4,005 +65 6735 0031

JAPFA is an agribusiness company that engages mainly in the production of animal feed, poultry breeding, commercial farm, consumer products, aquaculture, and beef cattle farming. Founded in Indonesia and now headquartered in Singapore, we employ over 32,000 people across an integrated network of modern farming, processing and distribution facilities in Indonesia, China, Vietnam, India and Myanmar. “Growing Towards Mutual Prosperity” is the companys strong belief in the nurturing of mutually rewarding relationships based on trust and integrity. JAPFA aims to be the leading dependable provider of affordable protein foods in Emerging Asia by building on the foundation of our excellent teamwork and proven experience for the benefit of all stakeholders.”

Top Food Manufacturing Companies in Indonesia

Key Statistics from 2022

In 2022, Indonesia's GDP is projected to reach USD 1.22 trillion, representing a growth rate of 5.1%. The food manufacturing industry plays a significant role in this growth, with a contribution of approximately 8% to the country's GDP. The industry has also created employment opportunities for millions of Indonesians, with over 7 million people currently employed in the food manufacturing sector.

Factors Contributing to Growth and Success

One of the key factors contributing to the growth and success of Indonesia's food manufacturing industry is government initiatives aimed at promoting agricultural development. The government has launched a number of initiatives to promote agriculture, including the "Food Estate" program, which aims to develop large-scale food production areas across the country. These initiatives have not only created employment opportunities but also stimulated economic activity and contributed to the country's overall development.

Another factor contributing to the growth of the food manufacturing industry in Indonesia is the country's rich natural resources, including fertile land and a diverse range of agricultural products. These resources provide a solid foundation for the development of the food manufacturing industry.

Industry Growth and Comparison to Previous Years

The food manufacturing industry in Indonesia has experienced significant growth in recent years, with the sector's value increasing by 6.2% in 2021. This growth is expected to continue in 2022 and beyond, with the industry projected to grow at a CAGR of 7.8% between 2022 and 2027.

Compared to previous years, the food manufacturing industry in Indonesia has undergone a transformation, with a shift towards the use of advanced technologies such as automation, artificial intelligence, and robotics. This has resulted in increased efficiency, reduced costs, and improved product quality, making the industry more competitive and attractive to investors.

Key Trends in Indonesia's Food Manufacturing Industry

Technological Disruptions:

As mentioned earlier, the use of advanced technologies is a key trend in Indonesia's food manufacturing industry. With the implementation of automation, artificial intelligence, and robotics, the industry has been able to streamline operations, reduce costs, and improve overall product quality.

Sustainability:

Another key trend in the food manufacturing industry in Indonesia is a growing focus on sustainability. With increasing awareness about environmental issues, the industry is increasingly adopting sustainable practices such as waste reduction, use of renewable energy sources, and eco-friendly packaging.

Challenges

Despite the growth and success of Indonesia's food manufacturing industry, there are several challenges that the sector must address to sustain its growth trajectory. These challenges include:

Supply Chain Disruptions:

The industry is vulnerable to supply chain disruptions, particularly those related to raw material availability, logistics, and transportation. Addressing this challenge will require investment in supply chain management and infrastructure development.

Regulatory Environment:

The regulatory environment in Indonesia can be complex and bureaucratic, making it challenging for companies to navigate the system and obtain necessary permits and licenses. Streamlining the regulatory process and reducing red tape could help to improve the ease of doing business in the food manufacturing sector.

Future Outlook

Despite the challenges facing the industry, the outlook for Indonesia's food manufacturing sector remains positive. With a growing population and increasing demand for processed food products, the industry is poised for continued growth in the years to come. Government initiatives aimed at promoting agricultural development, coupled with the adoption of advanced technologies and sustainable practices, will further drive the industry's growth and competitiveness.

In addition, Indonesia's strategic location as a hub for trade and commerce in the ASEAN region and its large domestic market make it an attractive destination for foreign investors looking to participate in the country's food manufacturing sector. Foreign investment in the industry is expected to increase in the coming years, further contributing to the industry's growth and success.

Conclusion

In conclusion, the food manufacturing industry is an important component of Indonesia's economy, contributing significantly to the country's GDP and employment figures. The industry's success is attributed to a number of factors, including government initiatives, rich natural resources, and the adoption of advanced technologies and sustainable practices.

However, the industry is also facing several challenges, including supply chain disruptions and a complex regulatory environment. Addressing these challenges will require concerted efforts from the government and industry stakeholders to ensure sustained growth and competitiveness.

Looking ahead, the future outlook for Indonesia's food manufacturing sector remains positive, with ample opportunities for growth and investment. The industry is poised to continue contributing to the country's development and to play a key role in shaping the future of Indonesia's economy.

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By Melissa Goh
Published on 12 May 2023